Business

Nssa raises RTG stake to 60pc 30 September 2017 HARARE - First Mutual Holdings Limited (FMHL) yesterday announced that it had sold its shareholding in hotel concern, Rainbow Tourism Group (RTG), to its major shareholder, the National Social Security Authority (Nssa). The deal will give the compulsory pensions group absolute control in the h...
Boost for local property developers 30 September 2017 HARARE - Government will incentivise the country’s property developers willing to upgrade and set up new structures for tertiary institutions. Finance and Economic Development minister Patrick Chinamasa said this last week at the ground-breaking ceremony for a student complex at the Nationa...
Zim far from it: WEF 28 September 2017 HARARE - Zimbabwe is “far” from improving its 'ease of doing business', the World Economic Forum (WEF) has said, as it once again ranked the nation among countries with poor global competitiveness in its latest ratings. It said actually, the prevailing economic environment has “made it harder”...
RBZ issues savings bonds 27 September 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) has started issuing savings bonds to individual and institutional investors with a promise of seven percent annual return. The central bank, which is issuing the debt securities to help raise money to fund government business, said applications can b...
Progress in Mines and Minerals Amendment Bill 26 September 2017 HARARE - Parliament is moving to pass the Mines and Minerals Amendment Bill which seeks to repeal the principal Act crafted in 1961. National Assembly Speaker Jacob Mudenda said last week: “I have to inform the House that I have received a non-adverse report from the Parliamentary Legal Commit...
ZSE in the black as industrials recover 26 September 2017 HARARE - The local bourse ended the week in the black as industrials partially recovered after four successive sessions in the red. The mainstream index picked up by 0,46 percent to settle at 366,08 buoyed by gains in heavy caps. The resource index went up by 0,96 percent to close at 99,67. ...
Econet Connected Car scoops top award 26 September 2017 HARARE - Econet Connected Car scooped the ‘‘Most Innovative Vehicle Tracking and Monitoring Company of the Year Award” at the  Zimbabwe Private Security Awards dinner held at the Rainbow Towers hotel in Harare on Friday night. Econet Connected Car is a business unit of the Econet Connected Lif...
Zimre profit up 1 137pc 25 September 2017 HARARE - Zimre Holdings Limited’s profit for the six months to June 30, 2017 soared 1 137 percent to $2,7 million from  $220 649 recorded in corresponding period the previous year, largely due to restructuring initiatives and refocusing anchored on the new strategic focus adopted in last year. ...
Nssa not affected by High Court ruling 23 September 2017 HARARE - The National Social Security Authority (Nssa) said its assets and operations are not affected by the recent High Court ruling which nullified the acquisition of Renaissance Financial Holdings Limited (RFHL). Nssa chairperson Robin Vela yesterday said the national pensions administrato...
Edgars record $0,5m profit 21 September 2017 HARARE - Listed clothes retailer, Edgars Stores Limited (Edgars), said its profits in the half year to July 9, 2017 went up to  $567 499 compared to $109 119 recorded in the previous corresponding period due to improved sales. The company's chairperson Thembinkosi Sibanda yesterday said good m...
Nestlé Zim retrenches 19 September 2017 HARARE - Multi-national food and drink company, Nestle Zimbabwe, has embarked on a retrenchment exercise, as part of the company's “business optimisation activities”. The exercise, which was voluntary, saw more than 20 workers exiting the company, which employs more than a 100. “Despite our ...
Zimplats surrenders claims to Zim govt 19 September 2017 HARARE - Zimplats, which is majority controlled by Impala Platinum, has said it has agreed to cede a contentious piece of land that it has for years suffered to retain, after government had sought to take it over. This comes after President Robert Mugabe’s government made a fresh bid in Januar...
Inflation remains unchanged 16 September 2017 HARARE - Consumer Price Index (CPI) inflation remained unchanged in August after showing an upward trajectory for six consecutive months between November 2016 and May 2017. Zimbabwe recorded price inflation of 0,14 percent year-on-year (y-o-y) in August. The food and non-alcoholic beverages...
Dalny Mine boosts RioZim operations 15 September 2017 HARARE - Listed miner RioZim says the growth of its revenues by 16 percent to $37,8 million in the six months to June 2017 was as a result of the acquisition of Dalny Mine. The group recently snapped up Dalny Mine from Falcon Gold for $8 million, with the resources firm paying $250 000 for the...
Biti set to speak at Obasanjo's book launch 13 September 2017 HARARE - Zimbabwe's former Finance minister Tendai Biti will today speak at the launch of a book titled 'Making Africa Work'. The book was co-authored by former Nigerian president chief Olusegun Obasanjo, Greg Mills who heads the Brenthurst Foundation in Johannesburg, Jeffrey Herbst an America...
Govt determined to introduce health insurance 12 September 2017 HARARE - Despite the dwindling formal sector that has traditionally been the anchor of the country's economy, government, through the ministry on Health and Child Care, is determined to soon introduce a National Health Insurance Scheme (NHIS). Stakeholders have, however, warned that introducin...
RBZ moves to implement collateral registry 9 September 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) has started the process to establish a collateral registry that enables people to come forward with movable property such as cattle, vehicles and house property as collateral, a senior official has said. Collateral registry is primarily a database of...
Go for your dreams - Ganje 9 September 2017 HARARE - Zimbabwean-born businessman Herbert Ganje says aspiring entrepreneurs must go for their dreams despite the various economic challenges. “My advice to emerging young business people is to venture into something that they are passionate about. Because days will come when money will not ...
Zimra surpasses revenue collection target 6 September 2017 HARARE - The Zimbabwe Revenue Authority (Zimra) surpassed its August revenue target of $267,6 million after collections for the month amounted to $307,9 million due to a surge in company tax, data from the agency shows. In its report for the month under review, Zimra said gross collections for...
Econet youth empowerment initiative shifts a gear up 6 September 2017 HARARE - The ElevateClub, a youth empowerment initiative supported by the Econet Group, has officially launched the Elevate Virtual Agent Programme (Evap), which is set to deliver thousands of jobs for young Zimbabweans, officials disclosed at a launch yesterday. The initiative will create the...
Vast Resources ramps up gold production 5 September 2017 HARARE - London-listed mining firm Vast Resources says gold production at its Zimbabwean unit went up by 36 percent to 4 037 ounces in the second quarter to June 2017. Vast Resources owns Pickstone-Peerless gold mine in Zimbabwe and the company has plans to ramp up production. “ . . . minin...
ZSE in all-time high 5 September 2017 HARARE - The Zimbabwe Stock Exchange (ZSE) last Thursday reached its highest post United States Dollar adoption, after capping the month of August on the front foot as bulls continued to drive the indices higher. With the previous highest level set on August 1, 2013 — the day after Zimbabwe's ...
Zim banks go paperless 2 September 2017 HARARE - Zimbabwean banks are phasing out paper-based Real Time Gross Settlement (RTGS) transactions, with Standard Chartered (Stanchart) being the latest in announcing the move. This comes as banks have recorded a massive surge in RTGS transactions due to the deepening cash crisis. Some of...
Hwange Colliery reduces coal prices 31 August 2017 HARARE - Zimbabwe's biggest coal miner, Hwange Colliery Company (HCC), has slashed prices in a bid to combat massive deforestation around the country. Prices have been slashed by eight percent from $65 to $59 per tonne. “If the country does not take steps now, we will be left with no forest...
Stanbic posts $12,8m profit 31 August 2017 HARARE - Stanbic Bank Zimbabwe, a subsidiary of Standard Bank Group of South Africa, posted a $12,8 million profit for the half year to June 30, 2017, up from $10,5 million recorded in the comparable period the previous year after improved net interest income and short-term investments acquired d...